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Liquidator |
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Liquidator Person appointed by an unsecured creditor in the United Kingdom to oversee the sale of an insolvent firm's assets and the repayment of its debts. Liquidator In bankruptcy, a person placed in charge of a company sometimes by creditors or shareholders, but often by court order who must oversee the winding down of operations and sell all assets. As the liquidator sells off assets, he/she uses the proceeds to pay creditors, starting with secured creditors, by giving them proceeds from sold collateral, followed by unsecured creditors. If there is any money remaining, the liquidator distributes this to the shareholders, if any, or the owner. The liquidator is paid a fee for these services. See also: Receivership. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The sudden failure of one of the state's largest auto body chains left 2,000 cars stranded in repair lots, but liquidators hope to have them back in owners' hands as soon as today. Insurance commissioners and their appointed liquidators face a daunting task in winding down an insurance company. After years of legal battles and the final ruling of the courts that the Vancouver schools should be sold, an out-of-court settlement was reached on July 25, whereby the Vancouver Catholic community will pay $19 million to the liquidators and, in return, will keep the two high schools. |
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